Medical practice management capabilities have evolved dramatically in recent years, partly in response to the passage of federal healthcare laws. Software that can organize medical records and patient information and speed the completion of common tasks like scheduling new appointments and processing billing and insurance claims was once seen as cutting-edge. Today these capabilities are considered to be table stakes.
According to The 2016 Smart Decision Guide to Medical Practice Management Solutions (currently available for complimentary download ), the benefits of next-generation solutions range from optimizing process workflow and resource management to streamlining operations and enhancing revenue cycle management.
Some solutions feature automated task management functions. Others include advanced scheduling capabilities designed to optimize the utilization of staff, rooms and equipment.
Some solutions include cutting-edge information storage and retrieval technologies. Others come with data analytic tools that can be used to generate key insights into claims data, payment activity and reimbursement patterns.
Importantly, many medical practice management solutions offer seamless integration with electronic health records (EHR), public registries, decision support databases, and other third-party information sources. Most solutions are designed to maintain compliance with government regulations and healthcare mandates.
These mandates include the latest privacy and security requirements related tohealthcare information handling and exchange, and critical changes to HIPAA electronic standard transactions, HITECH Act, Omnibus Rule and ACA requirements.
Next-generation solutions also support ICD-10, which, as every beleaguered office manager knows all too well, recently went into effect in the United States, bringing sweeping changes to medical coding and compliance processes. Practices that submit claims with incorrect ICD-10 codes are beginning to see those claims categorically rejected, resulting in delayed reimbursements that can have a significant impact on cash flow.
Next-generation solutions can ensure compliance with current and future regulatory requirements and healthcare reform mandates.
Other benefits typically include built-in analytic and visualization tools that can chart trends in reimbursement patterns and patient subgroup behavior. The insights may point to a host of new revenue and cost reduction opportunities.
Next-generation solutions can lessen the time needed to store and access medical charts, reduce (or completely eliminate) transcription costs, and improve documentation for highly compensated codes. The solutions can improve process efficiency while giving managers greater operations visibility.
Making information more easily accessible, and reducing errors, invariably results in increased employee satisfaction. Importantly, these solutions can also help enhance the patient experience and overall quality of healthcare care they receive, translating into greater loyalty and retention.
Next-generation medical practice management solutions have evolved almost beyond recognition in terms of sophistication and comprehensiveness — in some cases, morphing into unified information, communication and management platforms. That said, no two solutions are exactly alike.
In fact, the front- and back-office features of different solutions can vary in fundamental ways. So, too, can the requirements and priorities of individual practices.
Matching the right practice to the right solution generally requires research, knowledge, patience — and, again, the right framework for assessment. The 2016 Smart Decision Guide to Medical Practice Management Solutions (click here to access ), published by Starfleet Research, with underwriting support from AdvancedMD, Allscripts, CareCloud, GE Healthcare and RxNT, can point decision makers in the right direction.
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Category: Market Research Publishers and RetailersCompany profile: Starfleet Research is the IT market research arm of Starfleet Media, a leading provider of B2B content resources designed to provide in-depth perspectives and insights about topics in specific niche markets and industries, including hospitality, retail and healthcare IT. Starfleet Research benchmarks best practices in technology-enabled business initiatives. Our approach to content production provides for unbiased, fact-based information. Our Smart Decision Guides, benchmark reports, custom eBoo ...